The City Council is expected to vote Tuesday to authorize the city to borrow $2.5 million for the purchase of two new fire engines and six new Department of Public Works vehicles, according to City Council President Darren Cyr.
The 10-year bond is a collaborative request from Mayor Thomas M. McGee, Fire Chief Stephen Archer, Department of Public Works (DPW) Commissioner Andrew Hall and the City Council, and is necessary to replace outdated equipment, according to Michael Bertino, the city’s chief financial officer.
The city will pay about $221,000 annually toward the loan. The first payment will come out of next year’s capital budget, Bertino said.
“We need to support the departments from public safety to keeping our roads clear,” said Bertino. “Public safety needs new vehicles and it’s a very good interest rate environment to borrow.”